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Matt Levine

Wash Your Meebits in Web3

Also NFT taxation, reverse pitches for startups and Microsoft/Activision.

Here’s a trade.

The main point of this trade is that, in a frothy market for fast-growing companies, you can sell $1 of the right kind of revenue for much more than $1, and so it is worth your while to create some revenue, dress it up to look like the right kind of revenue and then sell it to someone.